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Galliford Try on-track for record year

Contractor Galliford Try is due to post a record year, according to a trading statement issued to the City this morning.

Full year results are expected to be in-line with board expectations, and the company has turned around a net debt of £2M in 2008 to a surplus of £35M this year.

The comapany has also maintained its forward order book at £1.7bn, with 88% of that work coming from the public and regulated sectors and winning £220M of work through framework arrangements in the last six months.

The company’s building division’s forward order book stands at £720M, and major projects include the ongoing refurbishment at the All England Lawn Tennis Club, where the retractable roof was debuted during Wimbledon this year.

United Utilities renewed its AMP5 joint venture framework from 2010 to 2015, a contract valued at around £400M, with further contracts expected in the water sector. the company’s infrastructure framework order book stands at £850M, with 85% in long-term frameworks.

The company statement read: “In construction our concentration on the public sector, and in particular infrastructure works for the regulated utilities, provides us with a sound base for mitigating the effects of the recession and putting us in a good position to grow again when economic conditions improve.”

The company’s share price rose to close to 5% to 49.4p in early trading.

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